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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/98645


    Title: 在教育連結網絡下之董監事置換對長期經營績效的影響
    The Effect of Board Turnover on the Long-term Performance of Start-ups
    Authors: 涂銘哲
    Tu, Ming Jhe
    Contributors: 李文傑
    王信實

    涂銘哲
    Tu, Ming Jhe
    Keywords: 董監事改變
    資訊不對稱
    經營團隊
    長期經營績效
    創業投資機構
    Date: 2016
    Issue Date: 2016-07-01 15:24:26 (UTC+8)
    Abstract: 在創投的資金後,通常會影響被投資公司經營的自主權,甚至大規模地置換公司董事與經營團隊。因此本研究透過台灣上市櫃公司內部董事與外部董監事席次的變化,探討對被投資公司上市櫃後長期經營績效的影響。資料期間涵蓋未上市與成功上市櫃後,並考量內部董事與外部董事之間必然存在資訊不對稱的情況,故進一步加入教育連結網絡,控制資訊不對稱干擾效果,以利更深入地檢視董監事的置換對於公司長期經營績效的影響。本研究實證結果發現董監事的置換對於被投資公司的經營績效存在負向的關係。並進一步發現董監事置換的對象以被投資公司的內部董事最為顯著,因此當公司內部的董監事明顯發生更動時,對於公司經營績效而言可能是一個不佳的訊號。而在考量教育連結網絡下,董監事的置換對於公司長期經營績效的表現亦呈現負向關係,表示降低資訊不對稱下,董監事的改變同樣無法能夠對長期經營績效有正向的影響。本研究結果顯示,公司董事會與經營團隊的穩定性,有助公司經營決策上的一貫,使公司經營績效能夠更優異。
    In this research, board turnover is hypothesized as key factors to influence performance of startups. Based on a uniquely contructed dataset recording key information of invested companies, ventural capitals and National Development Fund(NDF) in Taiwan, we create some new variables to this dataset, board turnover, and quantify the effect of board turnover on invested companies’ long-term performance. Our empirical results show that board turnover acts negatively towards invested companies’ long term performance. Besides, by using educational linkage between invested companies and venture capitals as control variables, there is also strong negative relation between board turnover and long-term performance. We thus conclude unstable board members will influence companies’ long-term performance despite of alleviating information asymmertry.
    Reference: 中文文獻
    1.王元章(1999),《董事會規模對公司價值的影響》。
    2.何哲睿(2014),《社群網絡與創投基金輔助之新創公司創新績效之研究:以教育網絡為例》。
    3.林家毅(2014),《人際網路與創投目標公司選擇之研究:以教育網絡為例》。
    4.黃敬堡(2015),《影響新創公司異常報酬之因素-以教育網絡為例》。
    5.項柏維(2015),《影響新創公司長期表現之因素-以教育網絡為例》。
    6.謝劍平(1999),《創業投資事業對被投資企業績效影響之探討》。

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    Description: 碩士
    國立政治大學
    經濟學系
    103258030
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103258030
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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